Advisers with clients in income drawdown should review all such arrangements now to get "ahead of the game" before any potential regulatory intervention, a provider says.
Prudential business development manager Colin Simmons said although the Financial Services Authority (FSA) had not officially moved to scrutinise all income drawdown advice, it would be prudent for advisers to bring forward five-year reviews to show they were actively re-examining their advice. In April last year, the government said all advisers must review their clients' income drawdown arrangements every five years. Simmons said bringing forward any future mandatory five-year reviews would benefit both the clients - who could be facing income reductions of up to 50% - and the advis...
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